Unified accounting of government and corporate securities is maintained at the Central Securities Depository

Tashkent, Uzbekistan (UzDaily.com) -- A Presidential resolution "On additional measures to develop the capital market" was adopted.

According to the resolution:

- The State Unitary Enterprise "Central Securities Depository" is transformed into JSC "Central Securities Depository", and a block of shares in its authorized capital is transferred to the Central Bank;

- with the founding of JSC "Uzbek Republican Currency Exchange", JSC "National Clearing Center" is created.

From 1 January 2025, a unified accounting of government and corporate securities is maintained at JSC "Central Securities Depository".

Until 31 December 2028, JSC "Central Securities Depository", JSC "Uzbek Republican Currency Exchange", JSC "Republican Stock Exchange "Tashkent" are exempt from the accrual and payment of dividends with the targeted direction of these funds for their development.

A special legal regime “Regulatory sandbox” is introduced in the field of capital market.

From 1 October 2023:

- after the placement of shares of enterprises with a state share of 50 percent or more on the stock market, by means of a public invitation, at least 30 percent of the net profit of these enterprises is directed to the payment of dividends for at least 7 years;

- the restriction on not exceeding the initial amount of the contract by more than 10 percent is canceled if the payment for the services of underwriters serving enterprises with a government stake of 50 percent or more exceeds the amount stipulated by the contract as a result of the placement of securities at a higher price and (or) in more than planned.

The mandatory requirement to have an official website of joint-stock companies whose securities are not included in the listing of the stock exchange is canceled, except for joint-stock companies with a state share of 50 percent or more.